2024 New Car Inventory Improving

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Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

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, Automotive Editor - June 6, 2024
2025 Hyundai IONIQ 5

The past few years have been tough for new car shoppers. Automakers and suppliers were struggling to get components for vehicles, resulting in thousands of vehicles that couldn’t be sold sitting around in expansive lots. Based on a new report from S&P Global Mobility, it looks like automakers have found a way to solve supply chain issues, as inventory trends of automobiles have dramatically increased.

S&P Global Mobility recently analyzed current retail advertised inventory data and found that automobile inventory in the U.S. is on the rise. At the end of April 2024, the available retail advertised inventory was 2.77 million vehicles. This represents an increase of 1.3% compared to March 2024 and 57% compared to April 2023. The organization claims that April 2024 marks the 11th consecutive month of retail advertised inventory, but the 1.3% rate of increase is the lowest since July 2023.

While the inventory of cars is increasing for the entire automotive industry, electric vehicle inventory is growing at a faster pace. S&P Global Mobility states that EV inventory at the end of April 2024 was 167,000 vehicles, which is an increase of 5.7% compared to March 2024. When looking at EV inventory last year, it’s gone up by 105%.

2024 Dodge Challenger

Interestingly, EV inventory for vehicles like the Hyundai IONIQ 5, Cadillac Lyriq, Chevrolet Blazer EV, and BMW i4 have consistently been going up in the past few months. It’s a different story for the Ford Mustang Mach-E. Inventory of the sporty, all-electric SUV has been decreasing since November 2023.

In April 2024, model year 2024 vehicle inventory climbed to 2.49 million vehicles. That’s a great sign and handily beats 2023 and 2022 model years when vehicle inventory was 1.6 million vehicles and 937,892 vehicles, respectively.

While new car shoppers will find a lot more 2024 models on dealer lots, there are a few 2023 models that are still available. The organization found that there were 202,000 2023 model year vehicles, which represent 7.2% of all vehicle inventory. The Dodge Charger and Dodge Challenger make up a large portion of 2023 model year inventory. Shoppers can get great deals on these two vehicles, as they’re listed at $7,000 below MSRP on average throughout the country.

We’re surprised that S&P Global Mobility didn’t address 2025 model year inventory. Our records indicate that there are at least 65 2025 model year vehicles that are currently on sale or are available to order. Overall, S&P Global Mobility’s report paints a brighter picture for new car shoppers and the industry, as vehicle inventory is substantially higher than it has been in the past few years.

Pictured: 2025 Hyundai IONIQ 5 (Top), 2024 Dodge Challenger (Middle)

Source: S&P Global Mobility

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, Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

Follow On: Twitter

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